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PostPosted: Mon Sep 18, 2017 7:03 am 

Joined: Wed Sep 13, 2017 7:04 am
Posts: 8
What do No need to start mining?

PostPosted: Mon Sep 18, 2017 7:07 am 

Joined: Thu Aug 17, 2017 9:49 am
Posts: 13
In the initial days of its commencement, bitcoin miners could find a new block using the computer’s CPU. However, when its popularity grew and more people started mining, the pressure increased and mining for blocks became harder. Now to start mining efficiently, you require specialized hardware.

You must decide your hardware by considering the two factors of price per hash and power efficiency.

Hash rate: it is the number of calculations that your hardware can perform per second when it tries to solve the mathematical problem. The has rates are measured in megahashes (MH/Second), Gigahashes (GH/Second) and Terahashes (TH/Second). The higher the hashrate higher are the chances of you cracking the transaction block.

Energy consumption:
All the computing devices consume a lot of electricity which comes at a cost. It is important you measure your energy consumption when you make your purchase budget.

You could also purchase Bitcoin cloud mining contracts as an alternative. However, you are not in control over your hardware though it comes as a cost-effective solution. Once you have the hardware, you must download the software that is available free of cost.

Join a bitcoin mining pool as it is more efficient to work in a group rather than individually. Lastly, you must set up a bitcoin wallet to receive and pay bitcoins.

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